Dumping the dollar, Iran and South Korea agree to cross-currency trade

South Korea and Iran have agreed to switch to national currencies in trade exchanges as the sides aim to strengthen relations despite the U.S. sanctions on Tehran.

The agreement is of great importance to both countries, Yonhap News Agency reported, explaining that the deal indicated Korea's concerns about relations with Iran.

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The countries also agreed to make payments and settle their financial and banking accounts using the South Korean national currency, the won. That will allow South Korean and Iranian companies to continue their extensive exchanges in various fields.

The volume of bilateral trade surpassed the $12-billion benchmark last year, according to Iran's ambassador to Seoul Saeid Badamchi Shabestari, who told Press TV that the Iranian and Korean economies complement one another. ...